FxWirePro

USD/JPY Daily Outlook

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
5
USD/JPY is trading above short term moving average and also above Tenkan-Sen, Kijun-Sen. This indicates that it has formed temporary bottom around 115.50.
The pair’s minor resistance is around 119.60 and any break of will target 120.48/121 in short term.
On the downside minor support is around 119.25 (34 Hourly EMA ) and any break below will take the pair to 119/118. 40 .

Indicators (1 Hour chart)
CCI (50) – Buy
CCI (14) – Buy
Ichimoku- Buy

Recommendation: Buy USD/JPY around 119.25, SL 118.98, Target 119.60/120.